Akfen Receives Loans for Renewable Energy and 13 Green Energy Projects

In December 2017, Akfen Holding announced an investment package of 6.2 billion liras ($1.6 billion) in different sectors for the next 2 years and continues its investments without interruption. Akfen will build 13 wind and solar power plants, all of which are domestically sourced, under the roof of Akfen Renewable Energy Company.  ****While Akfen Holding meets 167 million dollars of the total 530 million dollars of power plant investment with its own resources, 363 million dollars of credit is provided by 6 domestic and foreign banks. This stands out as the largest wind and solar power plant loan taken at once in Turkey.  Hamdi Akın, Chairman of the Board of Directors of Akfen Holding, underlined that they will make a significant part of the previously announced investment package with their own resources and said, "We stand behind our promise and continue to offer our investments to the service of Turkey." Akfen Holding, which provided $1.2 billion in investment inflows to Turkey last year through share transfers in Akfen Renewable Energy, TAV Airports and Mersin International Port, continues its investments without interruption with confidence in Turkey's future. Akfen Holding, which announced in December 2017 that it will implement an investment package of 6.2 billion liras ($1.6 billion) in different sectors for the next 2 years, is building 13 wind and solar power plants with a capacity of 327 megawatts spread over 5 regions of Turkey under the roof of Akfen Renewable Energy. While 167 million dollars of the 13 power plants that will cost a total of 530 million dollars were covered by Akfen Holding's equity, loans were obtained from 6 domestic and foreign banks for the remaining 363 million dollars. With the new investments, Akfen Renewable Energy's installed power plant capacity based on production from domestic and natural resources will increase to 574 MW . "WE ARE INVESTING THE INCOME FROM THE SHARE TRANSFERS IN TURKEY AGAIN" Hamdi Akın, Chairman of the Board of Directors of Akfen Holding, pointed out that they have returned the income they have earned from the share transfers back to Turkey as an investment and underlined that the investment package they will implement until the end of 2019 will be activated on time as planned. Hamdi Akın said, "We stand behind our word and continue to offer what we earn from share transfers back to the service of Turkey. We will have implemented the investment package that we announced in December 2017 as 6.2 billion TL ($1.6 billion) by the end of 2019. There will be no disruption in the timing of these investments, a significant part of which we have made with our own resources, with the confidence we have in Turkey's future." TURKEY'S LARGEST ENERGY LOAN IN ITS FIELD Akfen Renewable Energy, which focuses on producing energy only from domestic and renewable sources, including wind, solar and hydropower, and aims to reach 1000MW of "clean installed power" in this field by 2020, has received Turkey's largest green energy loan for solar and wind energy projects worth $ 530 million. Domestic and foreign financial giants have joined forces for a total loan of $ 363 million to be used by Akfen Renewable Energy in the implementation of 9 solar power plants (GES) and 4 wind power plant (RES) projects. Accordingly, the $103 million GES loan was undertaken by the European Bank for Reconstruction and Development (EBRD) and Türkiye İş Bankası . The $260 million WPP loan was provided by Germany-based KfW IPEX-Bank and the EBRD under the guarantorship of Vakıfbank, Garanti Bank, Yapı Kredi Bank and Türk İş Bankası . When the 13 power plants with a total power of 327 megawatts are completed in about 1 year, the electricity of the households where 1.2 million people live will be provided entirely from natural sources. INVESTMENTS WILL SPREAD TO 5 REGIONS OF THE COUNTRY Akfen Renewable Energy will spread its projects, which will provide production from natural and domestic resources, to many different points of Turkey in the Marmara, Aegean, Central Anatolia, Eastern Anatolia and Black Sea regions. Accordingly, 9 GESprojects with an investment value of 180 million dollars will be established in Konya, Amasya, Tokat, Van and Malatya. When the GESs that will generate electricity from the sun are completed, they will reach a total capacity of 85 MW, of which 70 MW are licensed and 15 MW are unlicensed. The 4 WPPs, which will cost $ 350 million, will be located in Çanakkale and Denizli. The total licensed power of the RESs will be 242 MW . Akfen will make a great contribution to Turkey's energy targets Akfen will produce 1,000 GWh of energy annually from 13 projects of Renewable Energy. Only the energy to be produced from domestic sources such as solar and wind will be transferred directly to Turkey's national electricity grid. With the implementation of the projects, the Government's projects, which aim to establish 27 thousand MW of non-hydroelectric renewable generation capacity from domestic and natural sources by 2023, will be supported to a great extent. On the other hand, the projects will play an important role in reducing greenhouse gas emissions from Turkey's electricity production.